Changed Value Propositions for Millennials
WHO ARE MILLENNIALS?
The emergence of the generation known as Millennials (born between 1980 and 2000, also known as Generation Y) has thrown up challenges for marketers. Brands are investing huge resources and time to research and appreciate this generation (Warc Toolkit report, 2015).
Millenials are considered digital natives – well-informed, organized and with growing spending power. When compared with older generations, Millennials are more online, more mobile, more fragmented and expect products/services more on-demand. Millennials’ access to information means that they know more about the products and services they buy and about the companies behind them. They have high expectations of brands and companies.
CONSEQUENCES OF MILLENNIALS FOR MARKETING
As a result, the markets have changed and understanding Millennial behavior has become a key concern for a wide range of brands – including upscale retail and fashion.
Traditional media are utilized less, while digital platforms are increasingly relied upon to drive engagement, reach and frequency (Fill, 2011).
Brands must now live with heightened expectations and strategically drive PURPOSE WITH PROFIT if they have to thrive and survive in present and fast changing market (Fill, 2011).
Sources:
1. Fill, C. (2011) Essentials of Marketing Communications, England, Pearson Education Ltd.
2. Warc Toolkit Report (2015).
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